19.4 Million Square Feet of Medical Space Opened in 2016

Almost $7.7 billion worth of outpatient medical real estate projects were completed in 2016, and almost $6.5 billion worth of outpatient medical real estate projects broke ground, according to the 2017 Outpatient Real Estate Development Report from Revista and Healthcare Real Estate Insights.

That amounts to approximately 19.4 million square feet of outpatient medical office space coming online in 2016 and about 17.3 million square feet of outpatient medical office space breaking ground.

The top outpatient developer in terms of square footage started or completed in 2016 was Pacific Medical Buildings, which started or completed a total of 465,000 square feet of space worth $311 million.

Pacific Medical Buildings was followed by NexCore Group, which started or completed a total of 461,189 square feet of space worth $165.15 million; Trammell Crow Company, which started or completed 434,081 square feet of space worth $148.52 million; Duke Realty, which started or completed 385,060 square feet of space worth $116.76 million; and Concord Healthcare, which started or completed 383,000 square feet of space worth $129.9 million.

Approximately 10.88 million square feet of the outpatient medical office space that was started or completed in 2016 was developed by a third party, while about 24.81 million square feet was self-developed.